Tuesday, November 1, 2011

Commodities broker Ann Barnhardt (yes, the one of the pink assault rifle fame) laid out a scenario on October 31st that intimates that Jon Corzine may have used MF Global as a hedge fund to help profit Goldman Sachs at the expense of their account holders.

4. Speaking of Corzine, more info is coming out in the bankruptcy filings. First, Corzine stands to reap a $12.1 million severance package / golden parachute per the bankruptcy filing. But that isn't the worst. Corzine was hired by MF less than two years ago. He promptly went about loading the company up on European bonds. That in and of itself is damning enough. Remember, Corzine is Goldman Sachs. He knew EXACTLY what was going on in Europe and he knew that European paper was junk. But guess which European countries he loaded up on? Greece, Portugal, Italy and Ireland. The four little PIIGs. Corzine intentionally drove MF into the ground so that someone, and my money is on Goldman Sachs, could come in and buy the remains for 30 cents on the dollar or less. Watch the news. Watch and see who ends up buying the remnants of MF. If it isn't Goldman outright, I'll bet it is a "holding company" that is tied to Goldman. As an astute commenter over at ZeroHedge.com said last night, it looks like Corzine never really stopped working for Goldman. He just moved his office into MF Global's suite. - TFMetalsReport

Corzine's track record for leadership is abysmal. Not only was a Goldman man from the beginning, but his tenure as Govenor of New Jersey helped bankrupt the state, and now, just two years into being employed by MF Global, the institution is itself bankrupt, and it appears that massive foul play may be involved with hundreds of millions of dollars in customer accounts simply disappearing.